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Posted: Mon Jul 16, 2007 12:21 pm Subject: Credit counseling & cosigned loans

My wife and I are looking into CC. The only thing that is stopping us is this... 2 of our major monthly payments is a large loan cosigned by her mother & a large credit card cosigned by her father. These two items r the biggest portion of our debt. If we enter into a CC program, will this reflect negatively on their credit.
Sincerely,
Rob Lancaster

email address removed as per forum rules - Mike

Posted: Mon Jul 16, 2007 1:01 pm Subject:

Take the professional help if you are unable to continue with the payments because of high interest rates. A debt consultant will set up a lower repayment plan with your creditors and you won't have any late fees added to the principal amount. Your credit will look good after all the debts are paid off through the plan. There are various options you may consider before enrolling in the program. The counselor will discuss everything briefly.